India is reviewing its trade agreement with Malaysia due to a rising trade deficit, which has doubled since 2011. The review will focus on rules of origin and non-tariff barriers. Major exports include petroleum products and aluminium, while key imports are vegetable oils and electronics. Consultations with industry sectors are planned.
India set to review trade pact with Malaysia as deficit grows
India-Middle East-Europe Economic Corridor to reduce New Delhi’s dependence on certain routes: Piyush Goyal
2 years ago
The India Middle East Europe Economic Corridor (IMEC) will enhance maritime security and reduce New Delhi’s reliance on specific routes, according to commerce minister Piyush Goyal. Speaking at the India Mediterranean Business Conclave 2024, he highlighted the potential for collaboration in tourism, renewable energy, and other sectors between India and Mediterranean countries.
India plans to extend its sugar export ban for a second year due to lower cane output. The government also aims to increase ethanol procurement prices to boost biofuel supplies. This move could tighten global sugar supplies and raise prices, especially with Brazil’s production expected to drop.
Exporters compile traceability proofs of land to comply with EU’s new deforestation regulation
2 years ago
Indian exporters are preparing for the European Union’s new deforestation regulation (EUDR), which mandates that products exported to the EU must come from land not deforested after December 31, 2020. The regulation impacts various sectors, including coffee, cocoa, soya, wood products, rubber, and leather goods, and imposes fines up to 4% of annual turnover and […]
Singapore has invested $150 billion in India and plans to invest five times more. Commerce Minister Piyush Goyal announced this at the All India Industries and Commerce Ministers conference. India also signed a free trade agreement with EFTA, securing a $100 billion investment commitment over 15 years.
The Swiss government has submitted its proposed free trade agreement with India to parliament, aiming to boost Swiss exports. The deal, involving the European Free Trade Association, includes lifting import tariffs on industrial products in exchange for $100 billion investment over 15 years. Parliamentary approval is pending.
The upcoming Vadhvan Port in Maharashtra’s Palghar is set to create 12 lakh jobs and has garnered global interest. Union Minister Sarbananda Sonowal announced this at the curtain raiser for ‘Sagarmanthan: The Great Oceans Dialogue’, scheduled for November 2024 in Mumbai. The port, with a USD 10 billion investment, aims to boost India’s maritime sector.
Prime Minister Narendra Modi’s visit to Singapore highlights the growing importance of the semiconductor sector for India. During his trip, he will tour a semiconductor facility and engage in discussions with Singaporean leaders. This visit aims to strengthen bilateral ties and explore opportunities for collaboration in semiconductor manufacturing, talent development, and knowledge sharing. Singapore’s well-developed […]
Tiruppur’s knitwear export hub has secured ₹450 crore in orders from global brands due to political unrest in Bangladesh. Orders include kids wear, nightwear, tops, and pyjamas. Noida Apparel Export Cluster also saw a 15% increase in orders from Zara. The situation highlights the need for an India-EU free trade agreement.
“The way in which China dumps steel into the country…the entire industry is facing (something similar to a) terrorist threat … There have been industry representations over the China issue and other problems over the past two months,” Kumaraswamy said. “I promise to try to convince the finance minister and prime minister to increase the […]